Publication of Draft Proper Conduct of Banking Business Directive on “Dormant Deposits and Accounts of Deceased Owners”
(WorldNews Politics)

The Banking Supervision Department today published a draft of a new Proper Conduct of Banking Business Directive, the goal of which is to improve the handling of dormant deposits[1]and accounts whose owners are deceased, through expanding the requirements to locate the owners of those deposits and accounts, as follows: The requirements imposed on banks to locate the owners of the lost money were broadened, among other things by expanding the search for the customer`s contact details and contacting the Population Registry in order to locate the owners` address. Every bank is required to verify that there is an organizational...